Is bitcoin mining even worth it anymore?

[instagraml]

I have seen all the tutorials,

Some saying that it isn't worth it, others saying its a great way to make money, Idk about it all. 

Over the years, (or months), bitcoin mining has gotten so competitive, to the point where you can't even use your computer. 

If I have to buy an expensive machine, have it running 24/7, then how am I supposed to make any money? 

The electricity I would use to run it would greatly outnumber the amount of money I can get from the machine. 

I would love to use my graphics card or processor to bitcoin mine, but it just seems to get more out of reach everyday. 

I also think it's interesting how there are underground bitcoin mega-mines that basically end up doing %90 of the algorithms to get the code or whatever. 

If there is a way to still make money off of this, please respond. Thanks. 

[Minsekt]

on a single pc? absolutely not

[rapidpoison]

Nope, not at the individual level.

[instagraml]

Just now, rapidpoison said:

Nope, not at the individual level.

K, that's what I figured. 

*sigh*

[rapidpoison]

Just now, instagraml said:

K, that's what I figured. 

*sigh*

You really need to be in China and own one of those huge bitcoin mining warehouses

[LukeTim]

Not unless you've got a lot of bitcoin mining ASICs and the money for the electricity bills.

[raendeu]

What about GPU Mining? Wasn't there a GPU specific coin around?

[instagraml]

52 minutes ago, rapidpoison said:

You really need to be in China and own one of those huge bitcoin mining warehouses

yea lol they make crazy money i've heard

[instagraml]

46 minutes ago, LukeTim said:

Not unless you've got a lot of bitcoin mining ASICs and the money for the electricity bills.

ok thx

[instagraml]

1 hour ago, raendeu said:

What about GPU Mining? Wasn't there a GPU specific coin around?

Idk, but i've heard that GPU mining has phased out as well, and been replaced with those minining machines

[IAcKI]

I remember when Litecoin first became a thing I sold my SLI'd 660ti's to get a 290 to mine Litecoins. I did it for about a week made $30 but couldn't sleep with the annoying fan and never did it again.

[LukeTim]

14 hours ago, instagraml said:

Idk, but i've heard that GPU mining has phased out as well, and been replaced with those minining machines

I believe there are still crypto coins out there that are designed to be very difficult to implement in hardware, meaning GPU mining is still viable. For bitcoin, though, GPU mining is a waste of time and electricity.

However, the thing is if you want to make a lot out of the GPU coins you're going to need to compete with people who have 4+ Radeon GPUs in their mining PC. If you can afford that, great... otherwise you might struggle to even make back the cost of all the electricity you're using.

[instagraml]

20 hours ago, IAcKI said:

I remember when Litecoin first became a thing I sold my SLI'd 660ti's to get a 290 to mine Litecoins. I did it for about a week made $30 but couldn't sleep with the annoying fan and never did it again.

yea thats another thing... those machines are so hot and loud... they take up a bunch of electricity and they're always running.

[instagraml]

6 hours ago, LukeTim said:

However, the thing is if you want to make a lot out of the GPU coins you're going to need to compete with people who have 4+ Radeon GPUs in their mining PC. If you can afford that, great... otherwise you might struggle to even make back the cost of all the electricity you're using.

yep, that's what i figured. 

[Madone6]

no